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£140,000
Lincoln, Lincolnshire, An excellent opportunity to purchase
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Price:
£140,000 Get Prequalified Today
Contact:
01522 536777
Location:
Lincoln, Lincs
Description:
An excellent opportunity to purchase this fully let investment property situated in Lincoln City Centre. The property occupies a prominent position fronting onto Newland and benefits from high volumes of passing traffic. It is currently let to Top Nosh sandwich takeaway on a 6 year lease, with approximately 2 years remaining, at a passing rent of £10,000 per annum exclusive. It is being offered for sale as a freehold investment for £140,000. The business is not affected.
SITUATION
Lincoln City centre is experiencing major redevelopment and is rapidly expanding, The University is also adding to the prosperity of the City. Lincoln is ranked 3rd out of 35 centres within the East Midlands (Experian Retail Centre Ranking 2002 report) and offers a diverse range of shops and business's. It is an extremely popular tourist destination and it is estimated that the City receives approximately 1 million visitors per year with 75% being from within the UK or the majority of oversees visitors from neighbouring European Countries and a sizable contingent from American visitors.
Lincoln now has the benefit of being connected to the A46 dual carriageway linking to the main A1 and the national motorway network. It is approx 15 mins from Newark Northgate station which benefits from a regular National Express service to London's Kings Cross with a minimum journey time of 1 hour 20 mins. Lincoln is 142m north of London, 75m from Leeds, 52m from Leicester, 36m from Nottingham, 60m from Peterborough and 48m from Sheffield. Lincoln is therefore strategically located to benefit the region as a whole.
PHOTO
LOCATION
The property is situated on the north side of Newland in Lincoln City Centre. Newland is a busy thoroughfare and the property therefore benefits from high numbers of vehicular and pedestrian traffic.
DESCRIPTION
The property comprises a semi detached two storey retail unit which benefits from a prominent frontage onto Newland. It is fully occupied by Top Nosh, a sandwich takeaway premises, and let on a 6 year lease at a current passing rent of 10,000 per annum exclusive. There are approximately 2 years remaining on the existing lease.
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ACCOMMODATION
The property has a net internal floor area of 721 sq ft (67 sq m). The ground floor comprises a front retail area of 128.09 sq ft (11.90 sq m), fully fitted kitchen of 127.23 sq ft (11.82 sq m), preparation room of 89.77 sq ft (8.34 sq m), rear storage areas of 43.16 sq ft (4.01 sq m) and WC. There is a side entrance to the rear yard.
To the first floor there are two storage rooms of 127.45 sq ft (11.84 sq m) and 124.32 sq ft (11.55 sq m), and a bathroom of 81.81 sq ft (7.60 sq m) to the rear.
TERMS
The property is available as a freehold investment at offers in the region of 140,000.
BUSINESS RATES
We have been verbally informed by Lincoln City Council that the shop and premises have a rateable value of 2,500. The Uniform Business Rate for 2009/2010 is 48.5 p in the . Interested parties are advised to make their own enquiries with the Local Authority for verification purposes.
VAT
The price expressed in these particulars is exclusive of VAT at the appropriate rate.
VIEWING
Viewing is strictly by appointment with the sole agents:
Pygott & Crone
Lawrence House
27-29 Clasketgate
Lincoln
LN2 1JJ
Tel: 01522 536777
Fax: 01522 787603
NOTE
The Money Laundering Regulations 2007 has been extended to include estate agency work with the definition of relevant business. Estate agency is as defined in the Estate Agents Act 1979. Auctioneers and estate agents will have to put certain anti-money laundering procedures into place. Failure to do so will be a criminal offence that carries a penalty of a maximum of two years imprisonment, or a fine or both.
The principal requirements are identification of clients, record keeping, internal reporting procedures and employee training and awareness.
This footer paragraph is an example only and should not be relied upon as complying with current legislation. These particulars, whilst believed to be accurate are set out as a general outline only for guidance and do not constitute any part of an offer or contract. Intending purchasers should not rely on them as statements of representation of fact, but must satisfy themselves by inspection or otherwise as to their accuracy. No person in this firms employment has the authority to make or give any representation or warranty in respect of the property.
Property Type:
Single-Family Houses
Sq feet:
721 sq. ft.
Amenities:
Storage
For sale by:
Agent/Broker
Phone:
01522 536777
Posted:
Contact:
01522 536777
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Let me know if you have any questions. – Pygott & Crone - Commercial
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More About this Listing: Lincoln, Lincolnshire, An excellent opportunity to purchase
Lincoln, Lincolnshire, An excellent opportunity to purchase is a Houses for Sale in Lincoln LIN. Find other listings like Lincoln, Lincolnshire, An excellent opportunity to purchase by searching Oodle Marketplace for Houses for Sale in Lincoln LIN.
Lincoln, Lincolnshire, An excellent opportunity to purchase is a Houses for Sale in Lincoln LIN. Find other listings like Lincoln, Lincolnshire, An excellent opportunity to purchase by searching Oodle Marketplace for Houses for Sale in Lincoln LIN.